Electric Vehicle Sales Soar in India
Electric Two-Wheelers Drive Sales Growth
The retail sales of electric two-wheelers in India witnessed a significant surge in July 2024, registering a remarkable 34% month-on-month increase. This surge propelled sales to 106,949 units, surpassing the 100,000-unit mark for the first time in four months.
Year-on-Year Growth and Market Share
Compared to the corresponding period in the previous year, electric two-wheeler sales recorded an impressive 96% year-on-year growth. This growth highlights the increasing popularity and adoption of electric vehicles in India.
Overall EV Sales Hit Highest Monthly Mark
The overall sales of electric vehicles (EVs) in India reached a historic high of 178,948 units in July 2024, marking the highest monthly sales in the current financial year. This significant increase underscores the growing demand for electric vehicles across various segments.
Indian Electric Two-Wheeler Industry Flourishes
The Indian electric two-wheeler industry continues to dominate the Indian EV market, accounting for the majority of EV sales. In calendar year 2023, the industry achieved a record-breaking 860,365 units sold, further solidifying its position as a driving force in the country's EV ecosystem.
Continued Growth in the Future
Analysts anticipate that the electric vehicle industry in India will continue to experience robust growth in the coming months and years. The increasing adoption of electric two-wheelers, along with supportive government policies and incentives, is expected to further accelerate market expansion.
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